Bio Protocol, a decentralized science-focused network, is expanding to the Solana blockchain, even as its native token experiences a significant market downturn.
The price of BIO has dropped to $0.53, down over 64% from its peak on January 3. In the past 24 hours, the token has fallen over 10%, while trading volume has decreased by 15.4%. Notably, the broader market is also seeing losses, largely due to Bitcoin (BTC) trading below $95,000.
The expansion to Solana is being carried out through a collaboration with Wormhole, a bridge that will facilitate the swapping of BIO tokens between the Ethereum and Solana networks. This integration, which will allow transactions at lower costs, aims to position Bio Protocol as a multichain platform. In addition, the project plans to expand to the Base network, the layer-2 solution developed by Coinbase.
Despite the challenges faced by its token, Bio Protocol is continuing with its growth plan. Currently, the platform hosts eight Bio Decentralized Autonomous Organizations (BioDAOs), including projects such as VitaDAO, focused on aging research, and AthenaDAO, which focuses on women’s health. These initiatives aim to solve health issues through decentralized research and crowdfunding, supported by Bio Launchpad, which has raised over $30 million to fund these projects.
While the decline in Bio Protocol’s token price raises uncertainty about its immediate future, the history of similar projects suggests that recovery could take time. Recent airdrops from Wormhole and Notcoin have resulted in significant losses from their all-time highs, indicating that BIO may follow a similar trajectory.
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